Ann: 40% Increase in Resource Tonnage at Yin - Mangaroon, page-27

I'll add my dose of reality to the excitement fwiw lol. Was always going to be higher MRE, back in the days of 50-100Mt ET along the 43km of ironstone extensions I can remember the threads throwing around much bigger upgrades than this. They combined the V-Low grade Fenite (mineralised waste approximately half Yangi mining cut-off) because it was embarrassing to look at (sorry, but to a resource geo it is) and changed the critical cut-off TREO% in reporting table so it's not a perfect like for like comp unfortunately, but we still have a good idea of the material economic grade ironstone MRE increase.

Fenite adds tonnes but not much TREO or NdPr. This we know from drill sections and the MRE22 where between 0.2% and 0.6% TREO cut-off nearly all of the Fenite dropped out of the resource (approx 1/3 tonnes). Between 0.6% and 1% TREO cut, basically no material Fenite reduction because it had already dropped out. Therefore, in the absence of a 0.6% vs 0.6% cutoff comp availability, we can look at the 1% cut-off to read what the actual change to iornstone-Fecarbonatite proper was.

6.91Mt increased to 8.38Mt at almost exactly the same TREO and NdPr as MRE22. Makes sense that infill and extension of the ironstone lode proper would average as similar TREO and NdPr, and it's the ironstone proper that will define any future mining inventory. The Fenite will be taken only as edge dilution of mining blocks, and in the case of much fenite/country rock in skinny lodes will be rejected by the ore sorter. 6.91Mt up to 8.38Mt is a 21% increase in the meaningful ore zone of the MRE...

The switch from 0.6% to 0.4% TREO cut-off between MRE is to drag in more low grade Fenite that would otheriwse be dropped at 0.6% cut as per the MRE22. We can't know how much this is, but it won't be great grade regardless of the extra tonnes because MRE22 told us even at 0.6% TREO cut the Fenite was only 0.13% NdPr (and NdPr is >90% of the value). Beauty is in the eye of the beholder, unsurprisingly I see this MRE as confirmation they haven't delivered on the upside promise others were expecting back in January. Others will see it differently.

GLTAH